Unitil Creates UsourceTM Subsidiary to Build on Early Market Success
Hampton, NH – June 7, 2000: Unitil Corporation (AMEX: UTL) (www.unitil.com) today announced the formation of Usource L.L.C., as a subsidiary of its unregulated business unit, dedicated to expanding the Usourceonline.com business which provides Internet-based energy brokering and related products and services.
"Usource has built an important foundation of success in its first year of operation, and we recognize the need to provide an appropriate vehicle for its continued growth," said Bob Schoenberger, Unitil Chairman and Chief Executive Officer. "Usource L.L.C. provides the flexibility to operate independently of our utility business and to obtain new financing for rapid and sustained growth."
Launched in mid-1999, Usource provides Internet-based energy procurement services to large commercial, industrial and institutional customers throughout New York and New England. Usource runs on the sophisticated transaction-based software and energy commodity Exchange developed and licensed by Enermetrix.com. (www.enermetrix.com), a privately held company headquartered in Maynard, MA. Usource has also announced the release of an enhanced technology platform designed to provide automated enrollment to Internet based energy supply acquisition for medium sized business customers.
Unitil is a public utility holding company with subsidiaries providing electric service in New Hampshire and electric and gas service in Massachusetts and energy services throughout the Northeast. It’s subsidiaries include Concord Electric Company, Exeter & Hampton Electric Company, Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Realty Corp., Unitil Service Corp. and its unregulated business unit Unitil Resources, Inc. Usource L.L.C. is a subsidiary of Unitil Resources, Inc. The Usource product line is available at www.usourceonline.com
For more information, visit Unitil at www.unitil.com or call Mark Collin at 603-773-6500
Contact Corporate Office
Liberty Lane West
Hampton, NH 03842-1720